1988 (12) TMI 93

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....is reference raises only one question of law at the instance of the assessee. The question reads thus : "Whether, in the absence of any specific rule under the Gift-tax Act providing for the manner of valuation of unquoted equity shares, the Tribunal was in error in looking into rule ID of the Wealth-tax Rules, 1957, as a guide for the purposes of ascertaining, in accordance with the recognised....

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.... basis of the value determined by the valuers for wealth-tax purposes in terms of section 24(6) of the Wealth-tax Act, 1957, in the case of the Trustees of Maithili Family Trust for the assessment year 1967-68. The departmental authorities as well as the Tribunal held that the fair market value of the unquoted shares was required to be computed in accordance with rule ID of the Wealth-tax Rules. I....

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....e fact that the assessment years 1957-58 and 1958-59 were involved in that case was not relevant. He pointed out that following its said decision, the Supreme Court, in a recent decision in CGT v. Smt. Kusumben D. Mahadevia [1980] 122 ITR 38, in terms, held that in the case of a company shares of which are not quoted at the stock exchange, shares need not be valued on the break-up method in terms ....